Morgan Stanley analyst Erik Woodring notes that Apple (AAPL) has outperformed the S&P 500 by 10 points over the last month and shares are now trading at all-time highs, adding that the firm believes part of Apple’s recent outperformance is tied to market factors and short covering. However, the firm adds that it remains bullish on Apple’s ability to drive over $8.50 of earnings power in FY26, which it also believes is a factor helping to support near-term outperformance. Apple “remains our Top Pick heading into 2025,” adds the analyst, who maintains an Overweight rating and $273 price target on the shares.
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